PRESS RELEASE: BIGBEN: Strong increase of FY 2020/21 Annual Results
Bigben
Press release
Lesquin, 31 May 2021 18:00hrs
Strong increase of
FY 2020/21 Annual
Results
-
Sales:
292.8
M€
(+11.1%)
-
Current Operating
Income:
36.2
M€
(+52.9%),
i.e. 12.4%
of sales
Proposal for a 0.30 €
dividend
Targets for FY
2021/2022:
- Sales between
300 and 320
M€
- Current
Operating Margin
(1) of 13%
Upward revision of
FY
2022/23 targets:
- Sales between
360 and
390 M€
- Current Operating
Margin (1) >
14%
BIGBEN INTERACTIVE (ISIN FR0000074072) today
releases its audited consolidated results for FY 2020/21 (from
April 1, 2020 to March 31, 2021) as approved by its Board of
directors on 31 May 2021.
Consolidated in M€ - IFRS |
2020/21 |
2019/20 |
Change |
Sales |
292.8 |
263.5 |
+11.1% |
Gross margin
(2)In %
of SalesEBITDA
(3)In %
of Sales |
121.841.6%67.623.1% |
108.941.3%52.519.9% |
+11.8%+28.8% |
Current operating
incomeIn % of SalesNon-recurring
items |
36.212.4%(6.4) |
23.79.0%(2.9) |
+52.9% |
Operating resultIn % of
Sales |
29.810.2% |
20.87.9% |
+43.3% |
Financial resultIncluding currency gain (loss) |
(2.7)(1.2) |
(1.1)0.3 |
|
Earnings before tax In % of
Sales |
27.19.3% |
19.77.5% |
+37.3% |
Tax |
(8.2) |
(3.5) |
|
Net result for the periodIn % of
Sales |
18.96.5% |
16.26.2% |
+16.4% |
of which minority interests |
4.2 |
0.1 |
|
(1) COM = Current Operating
Margin = COI Rate = Current Operating Income as a percentage of
sales
(2) Gross Margin = Sales - Cost
of goods sold; other Operating revenues are posted between Gross
Margin and EBITDA
(3) EBITDA = Current Operating
Income before depreciation and amortization of tangible and
intangible assets
52.9% increase in current operating
profitability
BIGBEN achieved an 11.1% increase in sales to
292.8 M€ in FY 2020/21, exceeding the 290 M€ upper end of the sales
target range. This growth was driven by the performance of Nacon
Gaming, while Bigben Audio/Telco demonstrated its resilience by
limiting its decline in business and optimising its margins.
The gross margin rate increased to 41.6%, thanks
to Nacon's achievements and to an Audio/Telco product mix more
favourable to premium brands.
Current Operating Income jumped by 52.9% to 36.2
M€ i.e. a COI rate of 12.4% of sales.
After taking into account 6.4 M€ non-recurring
expenses relating to bonus share plans, a 2.7 M€ net financial
charge and 8.2 M€ income tax, Net Profit for the period was up
16.4% to 18.9 M€, or 0.95€ per share (compared to 0.82€ at 31 March
2020) (4).
(4) Based on the number of
shares at 31 March 2021 and 31 March 2020
Analysis of
acheviements by business
units
|
NACON GAMING |
BIGBEN AUDIO/TELCO |
Consolidated in M€ - IFRS |
2020/21 |
2019/20 (5) |
Change |
2020/21 |
2019/20 |
Change. |
Sales |
177.8 |
129.4 |
+37.4% |
115.0 |
134.1 |
-14.2% |
|
|
|
|
|
|
|
Gross Margin (2) |
93.5 |
79.1 |
+18.3% |
28.3 |
29.9 |
-5.1% |
In % of
Sales |
52.6% |
61.1% |
|
24.6% |
22.3% |
|
|
|
|
|
|
|
|
EBITDA (3) |
60.3 |
48.4 |
+24.7% |
7.3 |
4.1 |
+76.4% |
In % of
Sales |
33.9% |
37.4% |
|
6.3% |
3.1% |
|
|
|
|
|
|
|
|
Current Operating
Income |
32.5 |
22.6 |
+43.8% |
3.7 |
1.1 |
+245.2% |
In % of
Sales |
18.3% |
17.5% |
|
3.2% |
0.8% |
|
(5) Nacon was created in July
2019 and started its activity in October 2019 following the partial
contribution of assets of the Gaming business to Nacon by Bigben
Interactive. The contributed assets and liabilities were recognised
at their book value. Nacon's consolidated financial statements as
at March 31, 2020 were made up of six months of "combined financial
statements" for the Gaming business prepared from the accounting
records of Bigben Interactive and its Gaming subsidiaries covering
the period from April 2019 to September 2019, to which were added
the flows and items of the new entity covering the period from
October 2019 to March 2020
In FY 2020/21, Nacon
Gaming posted sales of 177.8 M€, an increase of
37.4% driven by the tripling of back catalogue sales (31.0 M€), the
success of premium accessories and the successful implantation in
the USA of RIG® headsets.
The lockdown sequences had a strong impact on
the distribution networks of Bigben Audio/Telco
which demonstrated its resilience by limiting the drop in sales to
115.0 M€ i.e. -14.2% and by returning to growth (+5.2% in sales) in
the 4th quarter of FY 2020/21. An Audio/Telco product mix geared
toward premium brands allowed to improve the gross margin to 24.6%
of sales (compared with 22.3% at 31 March 2020). Thanks to an 18.2%
reduction in external costs, EBITDA increased by 76.4% to 7.3 M€
tripling Current Operating Income to 3.7 M€.
Robust balance sheet structure
with 177.8
M€ cash available
At 31 March 2021, BIGBEN showed a robust balance
sheet structure with shareholders' equity increasing to 302.0
M€.
Cash available increased by 59.7 M€ to 177.8 M€
thanks in particular to the 87.3 M€ funds raised through the
February 2021 issue of Bigben bonds exchangeable for Nacon
shares.
On the other hand, debts which include the
entire bond issue amounted to 145.6 M€, generating a positive net
cash position of 32.2 M€.
2021/22 outlook driven by the growth of
Nacon
The positive trend in the Gaming business has
led Nacon to bring forward its FY 2022/23 targets to FY 2021/22
(6). This favourable development allows BIGBEN to announce a sales
target of between 300 and 320 M€ for the current FY 2021/22, with a
Current Operating Margin (1) of 13%.
In order to achieve its targets,
Nacon Gaming will rely on
- the ongoing digital sales of the
back catalogue;
- the launch of new video games;
- the commercial momentum of
accessories, which will benefit in particular from the release of
the Revolution X Pro controller for Xbox®.
In addition, the BIGBEN Group intends to confirm
the return to growth of Bigben Audio/Telco thanks
to:
- a market driven towards the
high-end with the gradual deployment of the 5G network,
- the conquest of new sales channels
for mobiles,
- the expansion of the Just Green®
and Force® mobile accessory ranges as well as the launch of new
Audio products.
Upward revision of 2022/23 annual targets
Thanks to the prospects of
Nacon Gaming which has raised its
FY 2022/23 (6) targets, the BIGBEN Group is raising the targets of
its "BIGBEN 2023" plan, with, for FY 2022/23 :
- sales between 360 and 390 M€
(compared to a 350 M€ initial forecast),
- a Current Operating Margin (1) in
excess of 14% (compared to 13% previously).
Dividend 2021
In view of the quality of the financial results
for FY 2020/21 and the confidence in the outlook, Bigben
Interactive's Board of Directors meeting on 31 May 2021, decided to
submit a 0.30€ dividend per share for FY 2020/21 to the vote of the
Annual General Meeting to be held on 30 July 2021.
Share buybacks
The company intends to continue to buy back its
shares in FY 2021/22.
(6) Nacon press release of 31
May 2021
Upcoming events:
Annual General Meeting: Friday
30 July
2021
Q1 2021/22 sales: Monday 26
July 2021, Press release after close of the Euronext Paris stock
exchange
ABOUT BIGBEN
INTERACTIVE |
SALES 2020-21292.8
M€ HEADCOUNTCa. 920
employees INTERNATIONAL23 subsidiaries and a
distribution network in 100
countries www.bigben-group.com |
Bigben Interactive is a European player in video game
development and publishing, in design and distribution of
smartphone and gaming accessories as well as in audio products. The
Group, which is recognized for its capacities in terms of
innovation and creativity, intends to become one of Europe’s
leaders in each of its markets Company listed on Euronext
Paris, compartment B – Index : CAC Mid & Small – Eligible
SRD longISN : FR0000074072 ; Reuters : BIGPA ;
Bloomberg : BIGFP PRESS CONTACTSCapValue
– Gilles Broquelet gbroquelet@capvalue.fr - +33 1 80 81 50
01 |
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